Insurance premium paid by a firm on the life insurance policy of the p – McqOptions

MCQOPTIONS

1.	Insurance premium paid by a firm on the life insurance policy of the partners will be ______
A.	Debited to Capital A/c’s of partners
B.	Credited to Partners Capital A/c’s
C.	Debited to Profit and Loss A/c
D.	Credited to Profit and Loss A/c
Answer» D. Credited to Profit and Loss A/c

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